- Following a court ruling in favor of XRP, Ripple’s Chief Legal Officer anticipates increased adoption of Ripple’s cross-border payment solution by US banks.
- A projection suggests that over 4,000 US commercial banks, controlling $23.7 trillion in combined assets, may leverage Ripple’s On-Demand Liquidity (ODL) for efficient money transfers.
In the wake of a groundbreaking court decision affirming that Ripple’s digital asset, XRP, is not a security, the US banking sector might be primed for a Ripple revolution. Ripple’s Chief Legal Officer, Stuart Alderoty, asserts this scenario as he envisages an increased uptake of Ripple’s cross-border payment solution by American banks.
The Ripple Effect: A Surge in Adoption of ODL
During an interview with CNBC, Alderoty expressed his firm belief that the ruling would rejuvenate interest in Ripple’s On-Demand Liquidity (ODL) solution among American banks. When quizzed about the potential impact of the court decision on the banking sector’s interest, Alderoty responded affirmatively.
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Alderoty revealed that Ripple aims to engage US-based financial institutions in discussions about implementing its ODL solution for seamless money transfers within the upcoming quarter. This solution harnesses the power of XRP for more efficient money transfers.
Banks Find Solace in the Ruling
Beyond the practical implications, Alderoty highlighted the psychological impact of the court’s decision. He believes that the ruling will comfort financial institutions, paving the way for in-depth discussions on issues related to cross-border value transfers, especially concerns around exorbitant fees.
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The Ripple executive expressed his hopes that the current quarter would foster a plethora of conversations with US customers. Ideally, these dialogues could culminate in tangible business partnerships.
Despite Ripple’s US-based workforce, Alderoty indicated that the company’s primary business operations and revenue sources are international. Regarding the aspect of Ripple’s XRP sales to institutional investors (classified as a security offering by the SEC), Alderoty stated that Ripple’s largely overseas customer base would remain mostly unaffected. Ripple will meticulously review the court’s decision to ensure compliance in its institutional dealings.
Ripple ODL May Be Leveraged by Over 4K US Banks
In a potentially transformative prediction, Twitter user WallStreetBulls claimed that a staggering 4,096 commercial banks and 576 savings and loan associations, together holding a massive $23.7 trillion in assets, might adopt Ripple’s ODL to streamline their cross-border settlements. This projection, based on the number of commercial banks in the US, presents an exciting prospect. Nevertheless, the actual adoption rate of ODL by these banks is yet to be ascertained.
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